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Provider: Thomson Reuters Stock Report
Provider: Sadif Analytics Prime

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McPherson's Ltd Announces Acquisition Of Home Appliances Pty Ltd And Equity Raising

Thursday, 7 Mar 2013 12:33am EST 

McPherson's Ltd announced that it has entered into a contract to acquire an ~82% interest in Home Appliances Pty Ltd (Home Appliances), an Australian importer and distributor of appliances, for AUD 22 million. The transaction is structured so that Home Appliances’ remaining equity will be held by key members of its current management team for a minimum period of 2 years. McPherson’s will have an option to acquire their shares at the end of FY2015 and they will have a reciprocal option to put their shares to McPherson’s at that time. Completion of the acquisition is expected occur by the end of March 2013 and is conditional on receiving customary approvals. The acquisition will be funded through a fully underwritten placement of AUD 24 million. The Placement is fully underwritten by CBA Equities Limited who is acting as sole lead manager, bookrunner and underwriter to the equity raising. The Placement will be conducted through an institutional bookbuild to institutional and sophisticated investors at a fixed price of AUD 2.20 per new fully paid ordinary share in McPherson’s representing approximately 15% of current shares on issue. In addition, a non-underwritten Share Purchase Plan will be offered to eligible shareholders who will be invited to subscribe for up to AUD 15,000 of new shares each. 

Company Quote

31 Oct 2014